Fri 7 Nov 2008 16:42

WFS posts record marine profits


Marine segment generates 42 percent profit increase in Q3 2008.



Leading marine, aviation and land fuel specialist World Fuel Services Corporation has reported strong financial results for the third quarter of 2008, which included a record gross profit for its marine segment.

The company posted a third quarter GAAP net income of $40.1 million, ($1.38 and $1.37 per share on a basic and diluted basis, respectively), compared to $14.8 million ($0.53 and $0.51 per share on a basic and diluted basis, respectively), in the third quarter of 2007.

Non-GAAP net income for the third quarter, which excludes share-based compensation and amortization of acquired intangible assets, was $43.6 million ($1.50 and $1.49 per share on a basic and diluted basis, respectively), compared to $16.2 million, ($0.58 and $0.56 per share on a basic and diluted basis, respectively), in the third quarter of 2007.

Commenting on the results, Paul H. Stebbins [pictured], chairman and chief executive officer of World Fuel Services Corporation, said "We delivered record results across all three business segments, fortified our balance sheet and increased our liquidity during a period of unprecedented market volatility and challenging global economic conditions."

"Our ability to support and add value to our customers and suppliers in this turbulent operating environment differentiates us from our competition and validates our critical position in the global supply chain," added Stebbins.

The company's marine segment generated record gross profit of $63.2 million, an increase of 42% from the prior quarter and 135% year-over-year.

"Our marine segment performed exceptionally, generating record results for the second consecutive quarter despite challenging market conditions, while Texor, acquired in June, delivered solid results for our land segment," commented Michael J. Kasbar, president and chief operating officer.

"Our significant working capital efforts combined with the positive benefit of declining fuel prices resulted in record operating cash flow of $287 million in the third quarter," said Ira M. Birns, executive vice president and chief financial officer.

"During the quarter we also entered into a $160 million accounts receivable facility, which combined with our cash position and $475 million revolving credit facility, provide substantial liquidity to support our working capital requirements and strategic investment opportunities going forward."


Christian Vandvig Finnerup, Dan-Bunkering. Dan-Bunkering appoints Christian Vandvig Finnerup as US managing director  

Finnerup transitions from Singapore role to lead American operations.

Hai Gang Wei Lai vessel. SIPG orders Wärtsilä systems for new LNG bunker vessel  

Shanghai International Port Group orders integrated cargo handling and fuel systems from Wärtsilä.

Chris Seide, Integr8 Fuels and William Kanavan, Pentarch Offshore Solutions. Integr8 Fuels signs MOU with Pentarch for bunker services at Port of Edrom  

Integr8 Fuels and Pentarch Offshore Solutions have signed an agreement to develop bunker fuel services.

Eagle Vellore vessel. MISC orders two LNG dual-fuel Suezmax tankers as part of fleet renewal  

Malaysian shipowner expands dual-fuel fleet with newbuilds backed by long-term charters.

Eunice Low, Oilmar DMCC. Oilmar DMCC appoints Eunice Low as marine fuels trader in Singapore  

Low joins firm's Singapore trading department with a decade of industry experience.

HMM container ship. HD Hyundai secures $1.46bn order for eight LNG dual-fuel container ships  

South Korean shipbuilder reports highest container ship order volume since 2007 supercycle.

Arctic black carbon emissions urgency graphic. Clean Arctic Alliance urges IMO action on black carbon after 'disappointing' COP30  

Environmental coalition calls for Arctic shipping fuel regulations ahead of December 5 deadline.

Egypt's Ministry of Petroleum and Mineral Resources and Suez Canal Authority MOU Signing Ceremony. Egypt's petroleum ministry and Suez Canal Authority sign MOU for LNG bunkering facility  

Ministry and canal authority to develop LNG supply station in Port Said.

Legend of the Seas main engine startup. Meyer Turku starts first main engine on Legend of the Seas cruise ship  

Finnish shipbuilder fires up Wärtsilä engine ahead of 2025 Royal Caribbean delivery.

Malik Energy Leadership Development Programme group photo. Malik Energy launches internal leadership development programme  

Marine fuel supplier rolls out training initiative for managers across its supply and energy divisions.





 Recommended